Foreign investors open wallets for Vietnamese startups

Vietnamese startups in transport, homestay, fintech and other sectors have received millions of dollars from foreign investors in January.

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From the beginning of January til now, many startups have received capital from foreign funds. Photo by VnExpress.

Logivan, a web platform that helps trucks connect with potential customers, said it has raised $5.5 million in the latest funding round. The investment comes from two Asian angel investors and Indonesian venture capitalist Alpha JWC Ventures.

One of the angel investors is David Su, a founding managing partner at private equity firm Matrix Partners China, who invested through his family office.

The startup is expected to invest in AI, data analysis and human resources.

Earlier in January, Vietnamese homestay platform Luxstay raised $3 million from Japan’s CyberAgent Ventures and other foreign investors in its bridge round.

Luxstay representatives said the total capital raised could rise to $5 million as negotiations were still ongoing and several investors were interested.

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WeFit.vn, a platform that helps connect workout enthusiasts with fitness studios across Vietnam, has raised $1 million in a pre-Series A funding round from Japan’s CyberAgent Capital and some angel investors.

Japan’s Cyber Agent has injected capital in yet another Vietnamese startup, along with Korean Bon Angels Venture Partners. A total of $1 million was bagged by JAMJA, a site that offers time-based discounts for local services like restaurants, salons, and movie theaters.

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Le Hung Viet, CEO of this discount booking application, said that the capital will help JAMJA keep the growth momentum the company is already seeing, leading up to the next Series A round.

Japan’s CyberAgent Capital has currently invested in more than 30 Vietnamese startups.